Coastal Contacts Inc.

Coastal Contacts Inc.

December 17, 2008 16:05 ET

Coastal Renews Normal Course Issuer Bid

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2008) -


Coastal Contacts Inc. (TSX:COA) ("Coastal Contacts" or the "Company") announced today that the Toronto Stock Exchange (the "Exchange") has accepted Coastal Contacts' notice of intention to make a normal course issuer bid (the "NCIB") for its common shares through the facilities of the Exchange. On December 19, 2008, Coastal Contacts may commence making purchases of up to a maximum of 3,634,369 common shares, which represents approximately ten (10%) percent of the 36,343,690 common shares of Coastal Contacts held by persons other than senior officers, directors and principal shareholders of Coastal Contacts as at the date hereof. Any shares acquired will be purchased at the market price up to a maximum of 14,024 common shares per day until March 31, 2009, and up to a maximum of 7,012 common shares per day thereafter for the duration of the NCIB, subject, in each instance, to the block purchase exemption. All shares acquired by Coastal pursuant to the NCIB will be cancelled following purchase.

Under a normal course issuer bid which began on October 26, 2007 and expired on October 25, 2008, the company purchased a total of 1,266,500 common shares at an average price of $1.10 per common share, out of the 4,607,285 common shares approved for purchase.

The normal courser issuer bid will terminate on the earlier of the date determined by Coastal Contacts and December 18, 2009. Coastal Contacts has 58,318,643 issued and outstanding common shares as at the date hereof.

About Coastal Contacts:

Coastal Contacts Inc. ( is the world's leading direct-to-consumer vision products company which designs, produces and distributes a diversified offering such as contact lenses and eyeglasses. The Company's unique combination of branded and private label products represent quality, value and, above all, service. Coastal Contacts sells its products in more than 150 countries through proprietary web properties which reflect the culture and consumer preference of the target market. As new markets for eyeglasses and contact lenses evolve, the Company is positioned to become the vision product consumer's retailer of choice owing to its unbeatable value proposition combining value and service. Already No. 1 in many of its markets, Coastal Contacts is rapidly advancing toward its goal of becoming the "World's Optical Store".

This news release contains certain forward-looking statements that reflect the current views and/or expectations of Coastal Contacts Inc. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, limited suppliers, inventory risk, disruption in our distribution facilities, foreign exchange fluctuations, changes in business strategy, regulatory requirements, demand for contact lenses, competition and dependence on the internet. These risks, as well as others, could cause actual results and events to vary significantly. Coastal Contacts does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.

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